Texas’ economy continues to gain jobs while the nation’s is still losing them. The state’s nonfarm employment rose 2.3 percent from September 2007 to September 2008. Over the same period, U.S. nonfarm employment decreased by 0.4 percent.
The seasonally adjusted unemployment rate for Texas rose from 4.3 percent in September 2007 to 5.1 percent in September 2008. The U.S. rate rose from 4.7 percent to 6.1 percent. The state’s mining industry, still helped by higher oil prices, ranked first in job creation, followed by professional and business services, leisure and hospitality, construction and education and health services.
All Texas metros experienced positive employment growth rates for the year ending September 2008. Laredo ranked first in job creation followed by McAllen-Edinburg-Mission, Odessa, College Station–Bryan, Longview and El Paso. The state’s actual unemployment rate in September 2008 was 5.2 percent. Petroplexes Midland and Odessa ranked first and second in lowest unemployment rate followed by Amarillo, Lubbock, Abilene and College Station.
Source: Real Estate Center